Photo: RNZ
The number of homes on the market in January was the highest in a decade, according to a new property report.
In total, 32,412 properties were for sale in January.
That was 5000 more than the 27,261 for sale in January 2024.
Realestate.co.nz chief executive Sarah Wood said the numbers had not been this high in January since 2015.
Auckland had the highest January stock with more than 11,465 properties available, which had not been seen since 2012, she said.
"In Auckland, we've had a lot of properties come to sale over the last 12 months and it's sitting at a 13-year high in terms of number of properties for sale on our site.
"The days on the market or time to sell has been much slower."
The number of 'secondary homes' up for sale had also increased in popular holiday spots like Coromandel and Pauanui, Wood said.
"Pauanui has 65 homes for sale at the moment. At the peak of the market a few years ago, the number of listings was 10-15."
Asking prices remained stable, with the national average at $868,969, down just 1.3 percent year-on-year, she said.
The market could become more appealing to buyers as interest rates declined.
"There's certainly people looking to buy who are waiting for interest rates to come back down and see how the market changes."
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